Investment Rating - The report assigns a "Buy" rating to the company, with a target price range of HKD 33.0 to HKD 37.7, indicating a potential upside of 3% to 18% from the current price of HKD 31.9 [6]. Core Insights - The company, China Resources Vientiane Life (01209.HK), is a leading residential property management and commercial operation enterprise in China, with a significant focus on high-end projects and strong operational capabilities [15][21]. - In 2023, the company reported a revenue of CNY 14.77 billion, representing a year-on-year growth of 22.9%, with a compound annual growth rate (CAGR) of 29.6% from 2020 to 2023 [24][30]. - The gross profit for the main business in 2023 was CNY 4.69 billion, up 30.0% year-on-year, with a CAGR of 37.0% from 2020 to 2023 [30]. Summary by Sections Company Overview - The company has a history of nearly 30 years in residential property management and 20 years in commercial operations, benefiting from the support of its parent company, China Resources Land [15][16]. - The management team is experienced, with a focus on talent development and integration of resources within the China Resources Group [19][21]. Residential Property Management - The residential property management business accounted for approximately 65% of total revenue in 2023, with a revenue of CNY 9.6 billion, growing by 23.1% year-on-year [24][30]. - The company has a managed area of 355 million square meters, with 38.6% coming from China Resources Land, ensuring stable growth in managed area [30]. Commercial Operations - The commercial operations segment, which includes shopping centers and office buildings, generated CNY 5.17 billion in revenue in 2023, reflecting a year-on-year growth of 22.6% [24][30]. - The company holds a leading position in the industry with a high average occupancy rate of 96.1% for its shopping centers, and it is expected to increase the number of operational shopping centers from 76 in 2023 to 117 by the end of 2027 [3][5][30]. Financial Forecasts - The forecasted net profits for 2024, 2025, and 2026 are CNY 3.47 billion, CNY 3.92 billion, and CNY 4.49 billion, respectively, with corresponding earnings per share of CNY 1.52, CNY 1.72, and CNY 1.97 [6][7]. - The company’s gross profit margin improved to 31.8% in 2023, up from 30.1% in 2022, driven by the strong performance of the commercial operations segment [30].
华润万象生活：手握稀缺重奢资源，商管能力行业领先